SYDNEY, Australia, Jan. 30 /CNW/ -
AVEBURY NICKEL PROJECT IMPLEMENTATION
- Construction continues at full pace and all long-lead items and
critical-path components have been ordered in a timely manner by the
EPCM Engineering firm, Metplant of Perth.
- The project will have a mill throughput of 900,000 tonnes of ore per
annum producing more than 8,500 tonnes of nickel ("Ni") in
concentrates per annum. The business plan is to extract and sell
70,000 tonnes of Ni in concentrates from the currently known
- All infrastructure components including roads, Tasmanian grid
hydro-electrical power, dewatering pump station and pipelines, water
management systems, and the Zeehan office + accommodation are
- The Processing Plant site is cleared and levelled ready for
construction and Metplant's site manager has moved to site for the
construction phase. Two shafts for ventilation and services are fully
- The mining contractor, Barminco Limited has been selected and has
recommenced mine development to deliver up to 1.0 million tonnes of
ore per annum at full production.
- Recruitment firm Mining People International is assisting the
recruitment of the operating workforce - a process expected to take
- The new SAXON discovery is likely to be a new line-of-lode parallel
to the East Avebury line-of-lode and all within 2 kilometres of the
Avebury mill. In-fill drilling of the East Avebury-Saxon lines-of-
lode has begun.
- Avebury resources are 10 million tonnes averaging 1.14% Ni containing
114,000 tonnes of Ni.
- Orebody widths are typically 10 metres to 40 metres in good ground
- Drilling east and west of the known resource is encountering
- Higher grade ore zones near to the current mine access have been
proven up, and in the case of North Avebury, the core high grade zone
has been extended by over 100 metres down-dip.
FINANCE & CORPORATE
- Cash balance at the end of December stood at A$50.2 million.
- Share placement to Jinchuan Nickel Group of China to raise
A$4 million announced in January.
- US$2.2 billion offtake agreement with Jinchuan Nickel Group of China
remains a cornerstone agreement that brings major benefits to the
Avebury Nickel Project.
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For further information: Tony Howland-Rose, Chairman: +61-2-9397-7777 or